ROCHESTER, NY—U.S. Attorney William J. Hochul, Jr. announces that Eduardo Galan, 62, of Brockport, New York, was arrested and charged by criminal complaint with fraud. The charge carries a maximum penalty of 20 years in prison, a fine of $250,000, or both.
Assistant U.S. Attorney John J. Field, who is handling the case stated that according to the complaint, Galan ran a financial services business under various names, including S&G Unlimited Services. Operating as S&G Unlimited Services, the defendant devised a scheme to defraud multiple clients out of hundreds of thousands of dollars over a period of more than 10 years. Specifically, Galan promised his clients that he would invest their money in private mortgages but instead used their money for personal and business expenses and to pay earlier investors in a Ponzi-type scheme.